Title 57

NRS 687A.033 “Covered claim” defined. 1. “Covered claim” means an unpaid claim or judgment, including a claim for unearned premiums, which arises out of and is within the coverage of an insurance policy to which this chapter applies if the insurer becomes an insolvent insurer, th…

NRS 687A.035 “Insolvent insurer” defined. “Insolvent insurer” means an insurer which has been issued a certificate of authority by the Commissioner to transact insurance in this state, either at the time the policy was issued or when the insured event occurred: 1. Against which a…

NRS 687A.037 “Member insurer” defined. “Member insurer” means any person, except a fraternal or nonprofit service corporation which: 1. Writes any kind of insurance to which this chapter applies, including the exchange of reciprocal or interinsurance agreements of indemnity. 2. I…

NRS 687A.039 “Net direct written premiums” defined. “Net direct written premiums” means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums and dividends paid or credited to policyholders on such direct business. T…

NRS 687A.0393 “Person” defined. “Person” means any individual or legal entity, including, without limitation, a governmental entity. (Added to NRS by 2021, 111)

NRS 687A.0395 “Self-insurer” defined. “Self-insurer” means a person that covers its liability through a qualified individual or group self-insurance program or any other formal program created for the specific purpose of covering liabilities typically covered by insurance. (Added…

NRS 687A.040 Creation; membership; operation. There is hereby created a nonprofit unincorporated legal entity to be known as the Nevada Insurance Guaranty Association. All member insurers must be members of the Association as a condition of their authority to transact insurance i…

NRS 687A.050 Board of Directors: Members; vacancies; reimbursement of expenses. 1. The Board of Directors of the Association shall consist of not fewer than five nor more than nine persons. The members of the Board shall be appointed by the Commissioner and shall serve at the dis…

NRS 687A.060 Obligations, rights, powers and duties of Association; actions involving Association. 1. The Association: (a) Except as otherwise provided in paragraph (b), is obligated to the extent of the covered claims existing before the determination of insolvency and arising w…

NRS 687A.070 Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers. 1. The Association shall submit a plan of operation to the Commissioner, together with any amendments necessary or suitable to assure the fair, …

NRS 687A.080 Powers and duties of Commissioner. 1. The Commissioner shall: (a) Notify the Association of the existence of an insolvent insurer not later than 3 days after the Commissioner receives notice of the determination of insolvency by a court or makes a determination of in…

NRS 687A.090 Subrogation; exceptions. 1. Any person recovering under this chapter shall be deemed to have assigned his or her rights under the policy to the Association to the extent of the person’s recovery from the Association. Every insured or claimant seeking the protection o…

NRS 687A.095 Claim against person insured by insolvent insurer which is not covered claim. A claim asserted against a person insured by an insurer which has become insolvent which, if it were not a claim by or for the benefit of a reinsurer, insurer, insurance pool, underwriting …

NRS 687A.097 Limitations on certain claims against person insured by insolvent insurer. With regard to a claim for an amount described in paragraph (d) of subsection 2 of NRS 687A.033, no such claim for any amount due any reinsurer, insurer, insurance pool, underwriting associati…

NRS 687A.100 Exhaustion of remedies of insured. 1. Any person having a claim under an insurance policy, whether or not the insurance policy is a policy issued by a member insurer, and the claim under such other policy arises from the same facts, injury or loss that gave rise to t…

NRS 687A.103 Reimbursement of Association by insolvent insurer. If the Association pays any claims on behalf of an insurer which is an insolvent insurer within the meaning of subsection 2 of NRS 687A.035, the insurer may not accept any new business in this state until it has reim…

NRS 687A.107 Hearing to determine whether insurer is insolvent: Notice; conduct; determination; regulations. 1. The Commissioner may conduct a hearing to determine whether an insurer is an insolvent insurer within the meaning of subsection 2 of NRS 687A.035. The Commissioner shal…

NRS 687A.110 Detection and prevention of insolvency: Powers of Board of Directors. To aid in the detection and prevention of insurer insolvencies: 1. The Board of Directors may, upon majority vote, make recommendations to the Commissioner upon any matter generally related to impr…

NRS 687A.115 Detection and prevention of insolvency: Powers of Commissioner. To aid in the detection and prevention of insurer insolvencies: 1. The Commissioner may: (a) Notify the insurance commissioners of the other states and territories of the United States and of the Distric…

NRS 687A.120 Examination of Association; annual financial report. The Association is subject to examination and regulation by the Commissioner. The Board of Directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form …

NRS 687A.130 Exemption of Association from payment of fees and taxes; exception. The Association is exempt from payment of all fees and all taxes levied by this State or any of its subdivisions, except taxes: 1. Levied on real or personal property; or 2. Imposed pursuant to the p…

NRS 687A.140 Rates and premiums to include recoupment of amount paid by Association. The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the Association by the member ins…

NRS 687A.150 Immunity from liability. There is no liability, and no cause of action of any nature shall arise against any member insurer, the Association, its agents or employees, the Board of Directors, the Commissioner or the representatives of the Commissioner, for any reasona…

NRS 687A.160 Proceedings involving insolvent insurer: Stay; access by Association to records of insurer. 1. Subject to waiver by the Association in specific cases involving covered claims, all proceedings in which the insolvent insurer is a party, or is obligated to defend a part…